Husbands estate - getting the money

[pierrelejohn]

Hi
Wonder if anyone can give me some advice.

My husband passed away in early October 2011, we both had mirror wills leaving each other everything.

at the time we both were members of Lloyds bank private banking, which had all our money jointly in stocks and shares, and individual amounts.
Lloyds bank were also the estate executors.

To cut a long story short. My husbands estate is worth around £75k which was all tied up in various ISAs PEPs etc.
Probate was granted in late Dec 2011, When I spoke to Lloyds I sent them a letter requesting that all my husbands estates shares were to be sold and the cash value returned to me.
I was told that this would happen within ten days
I also pulled out of the portfolio and cashed in my stocks and shares (his investments were the same as mine) I have just received the monetary value in my Bank account.

I received a letter today from Lloyds bank telling me, that they will be selling my husbands shares - at their discretion, basically when they want to do it. and I would have to wait until they are ready.

I find this unbelievable, can they do this.

I assumed that as my late husbands estate had been finalised, and that it had all been left to me (therefore mine) they have no right to withhold it any longer, and should do as my letter stated and give me the cash value.

Can anyone give me any advice, are Lloyds bank legally allowed to withhold my husbands money (my money) , until they think fit.

Thanks in advance

[pawncob]

Don't EVER appoint a bank as Executor. As Execs they can do whatever they like, within the terms of the will, whenever they like (at least within the Executors year).
Rest assured, they'll do a mediocre job and charge you three times what the job was worth.
All you can do is sit back and wait for them to complete the task. Badger them, phone them, write to them. It might make a difference.

[pqtaxation]

Wonder if anyone can give me some advice.

I’d have to say my sentiments concerning bank executors are those of Pawncob.

But, in the interests of fairness, I have to relate that a widow recently asked me to help her deal with the bank sole executor selected by her late husband (reasonably large estate) and I have to say their fees (in relation to estate value and its complexity), their service levels and their resourcefulness/ideas generation have all been excellent. The deceased use to be a director of their parent company which might account for it but I tend to think not. The bank is not Lloyds!!

In the OP’s case of death in early Oct and probate in late Dec and with only £75k to distribute Pawncob’s tactics are all you can adopt at this stage. OP says she is the widow but has previously posted as child of deceased parent with a £600k estate – the difference looks to be joint property passing to widow by virtue of survivorship rather than via will and probate .